The Equipment Leasing Q

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Vernon Tirey, founder & CEO of LeaseQ, the online marketplace for equipment financing, will be speaking as a panelist at the third annual Online Small Business Lending & Investing Summit on February 15th in Washington D.C. This summit will focus on marketplace lending and the regulatory developments that are affecting the sector. Vernon will be speaking during a CEO roundtable panel, providing his insights and points of view on the small business online lending space and its future. He will also be a part of the Small Business Loan Structures panel, during which he will discuss the various small business lending models, the areas that are experiencing the most activity and the unique issues originators, lenders, investors and others face when structuring deals. For more details on the summit and Vernon’s panels, visit http://iibig.com/cloudlending/.

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Premier lighting industry publication, LEDs Magazine, recently published an article from our CEO, Vernon Tirey, on financing predictions for the lighting market in 2018. In the article, he discusses the introduction of financing to the lighting space in 2017 and forecasts fintech adoption across the industry this year.

An excerpt from Vernon’s article is as follows:

The “uberization” of equipment will increase in the lighting space as more vendors adopt financing options. Lighting-as-a-service (LaaS) allows business owners to rent equipment versus leasing or buying it. Contracts include the installation of commercial lighting solutions and lower facilities management fees for up to 10 years. We expect to see more vendors adopt these contracts in 2018 as they expand their financing capabilities to secure potential customers.

A significant number of utility companies will begin to offer On Bill Financing (OBF) programs. These programs incorporate additional rebates or incentives for customers that implement energy-efficient facilities. A top driver for selling LED retrofit projects is energy savings, making these programs a natural fit for vendors already offering alternative financing.

To read Vernon’s article in full please visit: http://bit.ly/2DiM1xS

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To be, or not to be—a franchisee? That is the question faced by every new franchise candidate, who hopes to join the near 782,000 establishments operating in the U.S. To help decide, there are three questions every first-time franchisee should ask:

  1. Should I franchise with a well-known or new concept?
  2. How should I decide where to open my location?
  3. How can I manage my cash flow and forecast my monthly expenses?

Raj Bhatt, co-CEO of Woops! macarons and LeaseQ borrower, knows firsthand what it takes to start and manage a network of franchises. Read his story in Entrepreneur Magazine, and give us a call to learn how LeaseQ can help you open a franchise business of your own: http://bit.ly/2o4YRqZ.

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We wanted to share this fascinating infographic from the National Federation of Independent Business (NFIB) that details the current small business landscape and how the tax reform may impact this sector. Be sure to check out NFIB’s website for more up-to-date small business news: https://www.nfib.com/

NFIB

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Our CEO, Vernon Tirey, recently penned an article for MonitorDaily discussing his 2018 predictions for the equipment financing industry. He provides a compelling outlook for the year, emerging technologies, and where he sees areas for growth and new opportunities.

An excerpt from Vernon’s article is as follows:

Equipment finance has given considerable lip service to emerging technologies like artificial intelligence (AI), machine learning, blockchain and cryptocurrencies in recent years. With a variety of new technologies entering the marketplace, discussions surrounding their role in the fintech sector will continue and isolated instances of implementation will likely increase.

2018 will be a year of learning about these emerging technologies and working together as an industry to create standards for how they should be used. Specifically, consider the implementation of blockchain and machine learning, which are dominating conversations in the tech space. Discussions about these technologies spark up among peers, but no one has delivered a solution in equipment financing quite yet.

To read Vernon’s article in full please visit: http://bit.ly/2CpAX2b

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Dealer spotlight is a monthly blog series showcasing some of LeaseQ’s best vendor partners. These equipment sales representatives are among the top in the industry, and LeaseQ is pleased to share their stories.

Billy Vick Restaurant Equipment LogoTell us about yourself and why you founded Billy Vick Restaurant Equipment?
I started Billy Vick Restaurant Equipment in 2011 with Steven Jeffrey after obtaining my company auction license and contracting auctions. Initially, we only focused on auctions, and contracted 30 in the first year, and 60 in the second. Very quickly, we gained access to many restaurants closing and an abundant volume of available equipment.

Restaurant owners started calling to ask if we would buy their equipment. Some had to be out in two days, which wasn’t enough time to advertise for an auction. We realized we had the opportunity to collect more equipment, so we rented a small warehouse, and began holding monthly auctions also. Soon, we graduated from a warehouse with 7,000 square-feet to one with 20,000 square-feet.

Today, we have diversified our business even further. Along with contracting auctions, we have an eBay online store, and we offer restaurant packages, walk-in sales and financing. This is where LeaseQ comes in.

Why did you partner with LeaseQ, and when did you first engage?

We partnered with LeaseQ because of their service. We have switched finance companies three times because the representatives didn’t provide services after a short time. Like a car dealership, we need to sell and secure financing while the customer is in the warehouse. LeaseQ makes this possible, and just this year, we’ve helped 40-plus restaurants secure financing for equipment.

What was equipment financing like before your partnership?

When we first realized we needed a finance company, we looked online and called several companies. We tried one company, but they didn’t try to get a cosigner or even contact the customer. They didn’t go the extra mile to get our customers financed, even though they claimed they could finance startups. Another company we worked with gave us great service, but they suddenly stopped approving almost every application. The rep was great, but he had no control over the approval decisions.

How does your partnership with LeaseQ benefit your customers?

Nothing leaves our warehouse that isn’t paid for. LeaseQ has been beneficial because we’re able to secure financing for many more customers. A customer may come in wanting to buy several pieces of equipment and leave with a complete restaurant package. With LeaseQ, we can finance and deliver the equipment quickly and easily. It is beneficial to have a finance company that works as hard as you do!

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What do you like most about working with LeaseQ?

Our reps, Brett and Pat, have been just wonderful. LeaseQ has the best service of all the finance companies we have worked with.

What challenges are facing your industry?

Our competitors in the equipment business have been doing this for 20, 30 or 40 years. It is a challenge being a female and building a company in a male-dominated industry, but I have several things they don’t. I am diversified in my business. The “old school” guys do not hold auctions or provide financing. We are using all the tools of modern technology to rise above the rest. Internet, financing and passion for our business help us to compete in this competitive industry.

Learn more and finance your restaurant equipment today at https://www.billyvickrestaurantequipment.com/.

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As we enter the holiday season, it’s time to start planning meals for festivities with friends and family. A longtime favorite, HoneyBaked Ham, is popular this time of year and will be served on many tables across the country. This installment of #BehindYourBusiness focuses on the equipment behind a HoneyBaked Ham; as without equipment we couldn’t enjoy this holiday staple year after year.

To produce HoneyBaked Hams, a wide variety of equipment must be utilized. Food processing equipment is a top priority with pieces like cutters, conveyer belts, refrigerators and industrial grade ovens necessary to create the final product. In addition, these facilities will require the correct type of shelving, scales, carts and more. Without this equipment, it wouldn’t be possible for HoneyBaked Hams to make it on the shelves of your local grocery store.

If you’re a food processing plant looking to acquire new equipment, we welcome you to give us a ring at (888) 688-4519.

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LeaseQ CEO Vernon Tirey recently wrote an article discussing the financing options available for LED retrofit projects for leading lighting industry publication, LEDs Magazine. In his article, Vernon lends advice to LED vendors on the savviest financing options for retrofits.

An excerpt from the article is as follows:

Building owners can choose to finance an LED project for $0 down, use someone else’s money, and generate immediate positive cash flow in the very first month. By counting the equipment as collateral for the loan or lease, equipment financing offers some of the best interest rates and payment terms for LED upgrades, regardless of a business owner’s time in business or credit score.

All of this is music to an LED vendors’ ears. LED vendors have long faced an uphill battle in closing deals for commercial spaces, due to the high upfront cost. With automated equipment financing solutions, vendors can quickly summarize the project economics and cash flows for a building owner. This might include cash spent to start realizing improved efficiency, estimated efficiency savings, any applicable rebates or incentives, and instant, online financing quotes.

Equipment vendors should establish cost first, be realistic about future savings, and work with the building owner’s finance department when necessary. The result is a “no-brainer LED retrofit.”

To read Vernon’s full article in LEDs Magazine, please visit: http://bit.ly/2yXsC7x

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MelissaName:

Melissa Carney

Title:

Director, Funding Operations

Where are you from, originally?

Worcester, MA

How did you find LeaseQ?

My former boss from my days at EMC called me up and asked if I’d like to come work with him again.

What do you like most about working at LeaseQ?

Why I like it here starts with where I came from. Before LeaseQ, I spent 12 years at a multinational tech corporation. When the opportunity came to bring my experience to a start-up, I was excited and a little scared at the potential to start the building process. Unlike the information in/information out process that I was accustomed to, I quickly learned that LeaseQ encourages a collaborative and open environment. Every employee is empowered to have a direct impact on the success of LeaseQ. The people here have also made my transition more pleasant and easier than I ever thought possible.

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What’s your dream deal for LeaseQ?

Any deal that we can get approved and funded in just one day!

What apps/tech/tools do you use on a daily basis?

I’m always working in Excel and for downtime I browse Instagram.

Any (other) work or life hacks you’d like to share?

I live out of my planner. Every weekend I sit down and write out my tasks for the week ahead to stay on top of all things work and life.

Favorite movie ever (independent of IMDB ratings):

This is always such a hard question for me to answer so with the holidays coming I’ll say, Christmas Vacation.

Favorite activities when you’re outside the office?

Going on adventures with my husband and 2-year-old son, cooking, dining out, and Pure Barre.

Fill in the Blank: I’d love to see my coworker Max Tirey answer these questions.

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Vernon Tirey, founder and CEO of LeaseQ, was recently featured in a MonitorDaily article on the evolution of managed services or “servitization”. In the article, Vernon provides commentary on the impact of managed services on each asset class and the equipment financing industry now and in the future:

Tirey calls servitization the “third big technology wave” to transform business. “We’re moving from a product-driven environment to an information-driven environment to a knowledge-driven environment. We have the ability to put sensors on everything, compute that data in the cloud at a very low cost and turn that information into knowledge. I know not only how many miles a truck went, but I know if they were stop and go miles or big long stretches of highway. This knowledge gives us the ability to dream up new and better ways of serving customers.”

To read the rest of Vernon’s compelling insight in this MonitorDaily article, please visit: http://bit.ly/2ytOnIt

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